05:26 PM EST, 03/06/2025 (MT Newswires) -- Martinrea International ( MRETF ) after trade Thursday reported it swung to a loss in the fourth quarter, impacted by lost sales due to an OEM vehicle-inventory correction which was most pronounced among the Detroit-three OEMs, particularly Stellantis.

The auto-parts manufacture posted an adjusted loss, excluding most one-time items of $15.6 million, or $0.21 per share, compare with a year-prior adjusted profit of $29.25 million, or $0.37.

The company said the adjusted loss per share would have been $0.19 at a normalized effective tax rate adjusting for unusual non-cash foreign exchange movements related to the depreciation of the Mexican peso against the U.S. dollar.

Revenue fell to $1,15 billion, down from $1.3 billion.

Impairment charges totaling $129.4 million were recognized during the quarter, mainly related to slower-than-expected production volumes on electric vehicle platforms.

A quarterly cash dividend of $0.05 per share was also declared.

The company's shares closed down $0.03 to $7.92 on the Toronto Stock Exchange.